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6 October 2017
SolGold plc
("SolGold" or the "Company")
Cascabel Exploration Update
Alpala copper-gold deposit continues to grow with
assay results from Holes 23R-D1, and 24-D1R.
Rigs 6 and 7 arrive at Cascabel.
The Board of SolGold (AIM and TSX code: SOLG) is pleased to provide an update on the drilling results of Holes 23R-D1, and 24-D1R and the progress of drilling at Cascabel, the Company's 85% owned copper-gold porphyry project in Ecuador.
Ø Hole 23R-D1 extends known mineralisation in the central portion of the Alpala Deposit approximately 90m to the east.
Ø Hole 24-D1R extends Alpala Southeast mineralisation beneath Hole 24 by approximately 130m and is interpreted to represent the upper portions of a strongly mineralised porphyry system at depth. Further drill testing at Alpala Southeast by Rigs 2 and 3 is underway.
Ø Drilling program is expected to be further expanded from the previously advised 10 to 12 drill rigs by January 2018 targeting drilling of 126,000m in 2018 . Man-portable drill rigs 6 and 7 have arrived at Cascabel. Second and third drilling contractors signed with Rigs 8,9,10 and 11 scheduled for arrival November 2017 and Rig 12 in January 2018.
Ø Geophysical 3DIP survey is on schedule with completion of the Spartan portion (magneto telluric to 3km depth), and commencement of the Orion portion (conductivity and resistivity to 2km depth) of the state of the art hybrid survey. Data processing and final results are expected mid-November 2017.
Ø Re-processing and maturation of 3D MVI magnetic models over the greater Alpala area, Aguinaga, Tandayama-America, and Chinambicito nears completion with final targeting expected to be available mid-October.
Ø Assays for Holes 26-D1, 26-D2, 28, 29, 29-D1, 29-D2, 30, 30-D1, 31, 31-D1 and 32 remain pending.
Commenting on the current drilling, SolGold Technical Services Manager, Benn Whistler said:
"Hole 23R-D1 and 24-D1R assay results demonstrate strong potential for significant extensions to the Alpala Deposit into the Alpala East and Alpala Southeast sectors. Current drilling at Alpala Northwest, following up on the discovery of major extensions northwest of the Alpala Deposit in Hole 26, is proving fruitful with Hole 26-D2 currently intersecting strongly mineralised diorite porphyry. Rigs 6 and 7 have recently arrived at site and this is expected to expedite drilling at Alpala Central, Alpala Northwest and Alpala West, ahead of the arrival of more rigs to bring the project total to 12 rigs by January 2018. We have not yet found the limits of the system at Alpala and we believe that our growing understanding of the Alpala system, and the expansion of the drilling fleet, will lead to rapid discovery of major extensions at high priority targets, including Alpala Northwest, Alpala East, Alpala West, Alpala Southeast. In fact we are scheduled to drill 126,000m in 2018, so you can see there is exponential growth potential which is expected in the short-term. We have a strong desire to drill test the exciting and untested satellite targets at, Carmen, Trivinio, Parambas Aguinaga, Cristal, Moran, and Tandayama-America, which are scheduled for drill testing on completion of drill data collection for the Alpala Maiden Resource Estimate, and on completion of Spartan-Orion hybrid 3DIP Survey and maturing 3D MVI magnetic modelling. This work is being expedited and the expansion of the drilling fleet is opening these doors for us."
DGR Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
(20min delay)
